Ripple reveals its Xpring initiative which aims to invest, provide grants and incubate startups which in exchange would agree to use both the XRP ledger and XRP coin.
Ripple announced this innovative investment initiative in an official statement on the website and explained that it plans to provide funding to startups that agree on the two terms mentioned above.
“Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs. Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way,” Ripple reveals.
Ripple wants to expand its reach
The Xpring new initiative marks Ripple’s effort to expand its reach and focus more beyond the banking and payments space. Ripple plans to build an ecosystem around XRP via Xpring and also make it easier for companies to use crypto in more ways.
“Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way,” Ripple notes in the official announcement.
Ripple brings a significant name in the scene
Ripple also announced that it appointed Ethan Beard (former Director of the Facebook Developer Network) as senior VP in charge of leading both Xpring and Ripple’s developer program. Beard stated that blockchain and digital assets could solve essential problems and XRP’s speed, scalability, and real-world use cases will turn out the ideal tool for startups and entrepreneurs.
Ripple announces that they will continue to use XRP in order to help financial institutions to remove friction from global payments. XRP and XRP Ledger boast important key features such as high speed, stability and scalability and all these make them ideal for entrepreneurs who are looking to eliminate problems related to identity, gaming, virtual good, real estate, insurance, trade finance and more.
Ripple’s current state in the market
According to CoinMarketCap, Ripple is the third largest crypto with a market cap around $29 billion, and it’s currently trading at $0.74.
We’ll have to wait and see what will the impact of the innovative Xpring be on the crypto’s price and its potential expansion of use cases.